Banking Index Sees Sharp Profit Booking - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Wednesday and ended lower amid weak global cues and persistent geopolitical concerns.
* Technically, the Nifty has slipped back below the immediate support of 24,000, and the close indicates the possibility of a retest of the 23,650-23800 zone next while the 24,150–24,300 region is expected to act as a stiff hurdle on any rebound.
* Despite the weakness in the benchmark index, rotational buying across sectors continues to offer stock-specific trading opportunities.
* We therefore recommend maintaining a cautious stance, focusing on relatively stronger stocks while adhering to disciplined risk and position management.
BANK NIFTY
* The Banking Index witnessed broad-based profit booking following an extended consolidation phase, decisively breaching and sustaining below its 20-day DEMA, indicating weakening near-term momentum.
* The index opened weak and remained under sustained selling pressure throughout the entire session.
* Except IndusInd Bank and Yes Bank, all constituents closed in negative territory, reflecting widespread weakness.
* Immediate resistance is positioned at 57,800, while 56,200 remains the crucial support zone.
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